Common use of Section 409A Savings Clause Clause in Contracts

Section 409A Savings Clause. If any compensation or benefits provided by this Agreement may result in the application of Section 409A of the Code, the Company shall, in consultation with the Executive, modify the Agreement in the least restrictive manner necessary in order to exclude such compensation from the definition of “deferred compensation” within the meaning of such Section 409A or in order to comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions and without any diminution in the value of the payments to the Executive. Notwithstanding any provision of this Agreement to the contrary, to the extent required in order to comply with Section 409A of the Code, amounts to be paid under this Agreement upon the Executive’s termination of employment shall be paid, with interest on any payment from the termination date until the first business day after the date that is six months following the termination date at the applicable federal rate provided in Section 7872(f)(2)(A) of the Code, to the Executive on the first business day after the date that is six months following the termination date.

Section 409A Savings Clause. If any compensation or benefits provided by this Agreement may result in the application of Section 409A of the Code, the Company shall, in consultation with the Executive, modify the Agreement in the least restrictive manner necessary in order to exclude such compensation from the definition of “"deferred compensation” " within the meaning of such Section 409A or in order to comply with the provisions of Section 409A, other applicable provision(s) of the Code and/or any rules, regulations or other regulatory guidance issued under such statutory provisions and without any diminution in the value of the payments to the Executive. Notwithstanding any provision of this Agreement to the contrary, to the extent required in order to comply with Section 409A of the Code, amounts to be paid under this Agreement upon the Executive’s 's termination of employment shall be paid, with interest on any payment from the termination date Termination Date until the first business day after the date that is six months following the termination date Termination Date at the applicable federal rate provided in Section 7872(f)(2)(A) of the CodeCode ("Interest"), to the Executive on the first business day after the date that is six months following the termination dateTermination Date.